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Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Could a long time person not of color benefit from rhus program?
This is just stupid political pandering. The problem is that the taxes are too high and the money collected is wasted!! What good is a payment plan going to do? Cook County Treasurer already charges 1.5% interest per month for late payments. Does a potential payment plan involve charging interest? Setting up a system will require more personnel and a larger budget. What incentive will people have to pay their taxes if they can keep deferring payments indefinitely? This is going to snowball into an avalanche. Wirepoints should really do a deep dive into this mess. It’s huge and politicians… Read more »
Is this legislation discriminatory against cc residents who DO NOT live in b&b communities on s&w sides?
One’s ability to pay the taxes are never factored in only the amount based on the home value regardless of income. Everyone gets the exact same services in any given area but the property taxes are based on the home value and are different for most homeowners.
Homes and properties are just unlimited ATM machines for local taxing bodies. The entire system needs to be changed starting with-Where does all that money go to? Bloated government.
That’s not true, not everyone gets the same services. Families with kids get the most out of property taxes.
It is true. The availability of those services is equal to everyone regardless of your property value or taxes paid. There are many who use these services on a regular basis. People have called the police to complain their pizza was delivered cold. Have read many stories about that. Also I do not need or will EVER need the schools but still have to pay for it and how much I pay is determined by the value of my property. Many homes on the west side of Rockford pay little to no taxes yet use the services most often. Many… Read more »